Secretarial practice

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Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

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Title:: Chapter XXVI. Income tax in its application to trading companies

Collection:: Economics Books

CHAPTER XXVI INCOME TAX IN ITS APPLICATION TO TRADING COMPANIES Tue law, administration, and practice of the Income Tax Acts are, despite the valuable Consolidation Act of 1918, of so extensive and complicated a character that it is only possible within the limits of this chapter to treat of a few of the general principles involved, the knowledge of which is absolutely essential to a secretary of a Joint Stock Company engaged in trading, in order that he may be enabled to draw up the necessary returns and put forward such claims for relief as either the Acts, the practice of Commissioners in their discretion, or recent decisions in the Courts, afford him the opportunity of pursuing. Accordingly this chapter deals with Income Tax Assessments under the following heads: (1) How profits and salaries are returnable for assessment; (2) The chief points upon which difficulties may arise in computing liability; The question of deduction of income tax from dividend. etc. While the statement on Form I. or IA. (corresponding to Procedure. the old Form 11 or 11a) is the return for assessment of profits under Schedule D required by statute, the real work in connection with the liability is done by correspondence and interviews with H.M. Inspectors upon the annual accounts, sometimes conducted by the company’s auditors, or by their own chief accountant, but also frequently by the secre- tary, according to the organisation of the company and the complexity of the matters involved. It is now almost the invariable practice for the annual report, profit and loss account and balance sheet to be submitted for this purpose, and the inspector's name and address should be carefully noted on the list of those to whom such accounts are sent, in order that they may reach him automatically, and save both sides the trouble of special applications. They should be accompanied or followed by statements showing how the amount proposed to be ‘returned’ as the liability is computed, and by any subsidiary accounts or statements which have been found necessary in past experience. In the alternative (3)

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